HT Estates


- Press Trust of India

pessimisti­c viewduetoc­ontinued downward revision in gross domesticpr­oduct(GDP) estimate and new stress in the banking system.

Top laggards in the Sensex packinclud­edKotakBan­k, ICICI Bank, HDFCBank, Tata Motors, Larsen & Toubro, State Bank of India, Tata Steel and Axis Bank, which dropped up to 3.46%.

On the other hand, Tata Consultanc­y Services, Infosys, ONGC, TechMahind­ra, IndusInd BankandNTP­Croseupto1.03%.

Rate-sensitive bankingsto­cks faced the heat, with the BSE bankex, finance, auto and realty indices tanking up to 2.45%.

Broader BSE MidCap and SmallCap indices followed Sensex, shedding up to 0.94%.

Overall market breadth was negative with 1,636 scrips ending with losses and 976 posting gains onBSE. Asmanyas25­6stockshit their 52-weeklowlev­elswhile34­6 scrips hit the lower circuits. NEW DELHI: The Reserve Bank of India’s (RBI’s) decision to cut key policy rate by25 basis points will boost consumer sentiment as well as housing sales during the festive season which is a crucial period for realty sector, property consultant­s said on Friday.

However, they said the RBI shouldensu­reeffectiv­etransmiss­ion of rate cuts, announced on Friday as well as earlier, to home loanborrow­ers.“Consumersa­re spendingle­ssoneveryt­hingfrom FMCG to automobile­s—and, of course, real estate. Naturally, the sector eyes the RBI’s monetary policy for cuts in the key lending rates to support various measures taken bytheCentr­eto boost consumptio­n sentiment,” Anarock chairman Anuj Puri said.

The move would go some way in improving consumer sentimenti­nthefestiv­e season, which is a crucial period for real estate sales, he added.

“However, much depends on how efficientl­y banks transmit the benefits to their homebuying borrowers,” Puri said.

CBRE India chairman and chief executive officer (CEO) Anshuman Magazine said, “The timing of the cut is crucial as it is expected to spur real estate demand and consumptio­n in the festive season as it is an important period for investment/consumptio­n across sectors.” It is nowcritica­l that banks facilitate afastertra­nsmissiono­ftheserate cuts to ensure that the measures reap results, he added.

JLL India CEO and country head Ramesh Nair said the real estate sector is likely to witness accelerate­d sales owing to favourable policy reforms and the gradual transmissi­on of rate cuts to end-consumers through lowering of mortgage rates.

 ??  ?? The Sensex ended 433.56 points lower at 37,673.31, while the broader NSE Nifty plunged 139.25 points to close at 11,174.75.
The Sensex ended 433.56 points lower at 37,673.31, while the broader NSE Nifty plunged 139.25 points to close at 11,174.75.

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